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Home My WebLink About0070 ~l aRreement or applicabte law. Rorrowcr st?all j,ay the amount ot all mortgaqe insurance premiums in the manner provided undcr pa~agraph 2 hereof. Any amounts disbursed by l.ender pursuant to this parag~aph 7. with inte~e.t thereon. ,hall txcome additioual in- debtect~icss ot Borrowe~ secu~ecl I,y this \fortRage. Unless Borrower and l.eiider a~{re~ to o~her ~e~ms ot payment, such ~ amounts shall be payable upon nutice trom Lender to Borrower rec~uesting payment therrnt, aad s1~aU bra~ interest (rom ~he date o[ disbursement at the rate payable trom time to timc oi~ outstandinR principal under ~he :~ote unless payment of interest at such rate would be contrar~ to applicable law, in H•hich event such amounts shall brar intereu at the highest r.~te permissible under applicable law. :~othinq c~ntainecl in thi~ paragraph 7 shall require l.ender to incur any exPe~se or take any action hereunder. ; & Inspettion. l.ender may make or cause to be made reau~nable entries upon aud inspecti~n~ of the Proptrty, pro- ~•ideci that Lender shall gi~•e Borrower notice prior to any such inspectiou speci(yinK reawnable cauu ~herefor relateei to Lender's incerest in the Property. 9. Coademaation. The proceecis ot any award ot daim for damagts, direct or consequeotial. in connection with any condemnation or othe~ taking ot the Property, or part thereo(, or tor con~•eyance in lieu of condem~atiou, are hereby as- signeci and shall be paid to Lender. In the event ot a total taking ot the Property, the proceeds shall be applied to the sums secured by this ~tortgaqe, with the excess. if any, paid to 8orroM•er_ In the event of a par[ial taking o( the Property, unless BorroMer and Lender otherwise aqree in writinR, there shall be applieci to the wms secured bv this ~fortRaRe wch proportion o( the proceeds a; is equal to that proportion which the amowu of the sums secureci by this ~tor~AaRe immecliatelr prior to the date of taking bears to the fair tuarket ~•alue of the Property immcdiately prior to the date of takinR, wich the balance of the pro- ceccis paid to Borrower. 1( the Property is abandoned by Borrower, or if, a(ter notice by l.ender to BonoNer that the condemoor offers to make an award or setde a claim tor damages, BorroNer tails to res~x~nd to I.ender Nithin 30 days attr.r the date such notice is maileci, Lender is authorized to collect and apply the procecds, ac Lender's option, eithe~ to restoration or repair oF the Property or to the sums secured by this ~fortgage. Unless Lender and Borrower otherwise agree in writing, ar~y such application of proceeds to principal shall not extend ~~r postpone the due date of the monthly installments referred to in paraRraphs 1 and 2 hereof or chanRe the amount of such installments. 10. Bonower Not Releaxd. Extension o( the time (or pa~-ment or mocti(ication ot amorti~ation ot the sumc secured bc ~his ~fortqage granted by Lender to an}• succeuor in interest o( Borro~cer shall uot operate to release, in any manner. the liabilit~• ot the oriRinal BorroNCr and Borrowere successot~ in interest. I.ender +hall not be ree~uired m commence procredinRs against such successor or retuse to extend cime for pa~~nent or otherHi~e m~x1i(y amortiaation o( the sums se- cured bt• this ~fnrtqaRe b~• reau~n of an~• demaucl made by the oriRinal B~~rroNer and Rorror+•ers successors in interest. I1. Forbeannce by Lender l~ot a Waiver. Am• forbearance b~• Lender in exercisinR au~~ right or remecl~• hereunder, or otherMise atforded by applicable IaN, shall not be a wai~~er ~~I or preclude the ererciu~ of an~~ such right or remed~•. The ~ procurement o( insurance or the pa}~ment of taxes or other licns or charqes by I.ender shall not bc a Nai~cr of Lender's riRht to accelerate the maturity of the indebtedness secureci b~• this \tortRaRe. 12. Remedies Cumulatire. :VI remedieY prm•ided in this \inrtRaAc are dictinct and cumulati~~e to an~• other riRht or reincYi~~ under this ~1ottRaRe or atforde-~! b~• laM or e~,uitc, and ma~~ be exercised mncurreml~•, inde~x•ndentt~ nr ,uccessi~•el~•. 13. Successors and Assigns Bound; Joint and Se~eral Liabilit}; (:aptions. '1'he co~euants and aRreements herein contained shall bind, and the riRhts hrreuuder .hall inure to, the respecti~•e mcceLU,rs :uid as,iRus of I_ender and Borrower. subjcct to thc pro~•isions o( paraRraph 17 t?crrof_ .-~11 cm~enantc anci aRrcemcuts of Borrnwer shall bc joint aud sc~eral. 'The _ captions and headin~ of the paraRraphc ot this \IortRaRe are fnr c~menien~e onh~ ancl are not to be used to interpret or de(ine the pro~•isions hereof. 14. Notict. Except for any notice requireci under applicable law to be Ri~•en in another manner. (a) anc notice to ' RorroM•er pro~~ided for in this \tort~aqe shall be Ri~•en b~ mailinR such notice b~~ certi(ied mail addresced to Borrower at ' the Propert~• .~ddress or at such other address a~ BorroM•er ma~• de.iRnate b~• notice to Lender as pro~~ided herein, and (b) am• notice to Lender shall be qiven bc certifiecl mail, return receipt requested. to I.endrr's address uated herein or to such ! oeher address ac Lender may desiqnate b}• noeice io 13orrower as pro~~ided herein. .~oc uoeice pm.~ided for in this ~fortRaRe ; shall be decmcci to ha.•e been gi.•en to Borrower or Lender ~hen ~i~en in the ma~u~cr de,iRnated herein. ~ 15. Uniform fiorcgagr; Go~erning I.aM; Se~erability. This (orm o( mortRaRe combines unifnrm coticnants for na- ~ tional use and non•wii(orm cocenants Mith limited ~ariations bv juriu}iction tn c~netitute a uniform ,eci~rit~~ inctrument ; ~ co~eriuR real propert~•. This \TortRay,e shall be Ro~~ernecl b}• the larc the juriuiictinn in ~rhich ~he Propert~ is located. E In the e~•ent that ane pro~•iRion or clause o[ this \lortgaRe or the \ote contlictc ~.•ith apF~licable l:n., such c~ntlict shall not ! affect other pro~•isions of this ~(orty,aRe or the \ote w•hich can be ~i~•en e(fect N•ithout !hc con(lictiu~; procicion, and to ~ this cnd the pm~•isions o( the ~(ortRaRe and thc ~ote are declare~l to bc se~•crable. ~ . 16. Borrower's Copy. BormMer shall be (urnisheci a c~~n(ormed cop~• of the \~te and ~f thia ~(ortRa~e at the time ~ ~~f execution or a[ter recordation hereof. s G ~ 1T. Transfer of the Propert~•: .~ssum~?tion. I( all ~r an~• part ~if the Propert~~ or an interest thcrcin i~ sold or trans- (erred b~- Borroher Nithout Lender's prior ~+•ritten consent, excludin~, (a1 the creation o( a lien or en~umbrance subordinate ~ !o this ~I~~rtKaRe. (b) the creation ot a purchau mnne~- securit~ intere+t t~r fiousehold a~~pliances. tra~~.fer b~~ de~ise, ~ deuent nr b~~ o~eration of law utx~n thc dca~h a j~~int tenant nr (ilj the Rrant of an~ leau•hold i~~terc~e n( three ~~ears or Iess ~~ot containing an option to ~tuchase. Lender ma~, at Lender's ~ption, dedare all the sums secured b~~ this \iort~aRe to ~ be immediately duc and pa~•able. Lender shali ha.~c Nai~•ed such ~~ption tn acccler:~tc if, pri~~r t~ thc ~.~le or transfer, Lender and the person to ~+-hom the Propert~~ ic to be u,ld or trausferred reach a~reement in N•ritinR that the credit of such person ~ is satisfactorr to Lender and that the interetit ~~a~ahle nn the sums secured bc this \(onRafie shall be at .uch rate ac Lender ~ ~hall request. If Lender has Naiced thr optiou to accelerate pm~~ided in this para~raph 17, and if BorroN•er's successor in k interest has executed a written assumption aRreement accepteel in MritinR bc Lrnder, Lencler shall release Rorrower irom '4 all obliRations under this \(o~tqap,e and the \ote. ~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with s paraqraph I-f hereof. Such notice shall pro.ide a period ot not les~ than 30 da~~s (rom the date the notice is mailed within w•hich BorroNer ma~• pay the s~ms de<lared due. If BorroHCr fails to pa~ such sumc priur t~~ the expirati~~n of such period. Lender ma}•. without [urther notice or demand on Borro~er. in.•oke an} reroeciies permittecl b~• para~;raph 18 hereof. KO\-U~IFOR~f CO~'F~IANTS. BOfTOhCf and Lender turther covenant and agrec as EolloMs 18. Acceleration; Remedies. Except as procided in paragraph 17 hereof, upon IiaTOwe~'s breach o( an~ cos-enant or : agreement o[ Borrower in this ltoregap,e, including the co~enants to pa) Mhen due an~~ sums securect b~• ~his ~IortQage, ' Lender prior to accdention shall mail notice to Rorrower as pro~•ided in paragra~~h 14 herco( s~?eci(~•ing: (I) the breach; (2) the action rcquired to cure such breach; (3) a date, not less than 30 da~s (rom the date che notice is maileet to Borrower, by which such breach must be cUred; and (9) ~hat (ailure to cure such breach on or be(orc ~he date s~~ecitied in the notice mav ~ rewlt in acceleration of the sums secured by this 11lortgage, foreclowre by judicial prcxreding and sale u( the Property. The ' notice shall (urther inform Borrower ot the right to reinstate after accelera~ion and the riRht to assert in the (oredosurc proceeding the non-euistence of a detaul~ or am o~her defense of Borrower to acceleration and foreclosure. I[ the breach is ~ not cured on or before the date s~xcified in the notice. Lender at Lender'a option ma~• declare all o( ~he sums secured by this Atortgage to br immediately due and pa~~aiile Mithout turther demand and may toreclose this 1ltortRa~e b~• judicial proceed- ~ ing. I.ender shall be entitled to collect in such proceedinR all expenses of foreclosure, including, but not limited to, rea~on- ~ able attorne}~'s (ees, and coats ot dexumentan e.idence, abstracts and title reEwrts. ~ ~ ~ g~~~ 3U5 ~ ~ ~ _ ~ . : - .